A 40-Year-Old Accountant Embezzled 1.1 Billion Won in Company Funds, Squandering It on Overseas Trips and Dermatology Clinics

Suwon High Court Sentences 6 Years in Prison, Same as First Trial
Embezzled Money 571 Times Over 8 Years

A 40-year-old accounting clerk who embezzled 1.1 billion won of company funds over eight years and squandered it on personal expenses such as overseas travel and dermatology treatments was sentenced to imprisonment again in the appellate court.

On the 28th, the Criminal Division 1 of the Suwon High Court (Presiding Judges Park Seon-jun, Jeong Hyeon-sik, Kang Yeong-jae) announced that it dismissed the appeal of Mr. A, who was indicted on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement), and upheld the first trial’s sentence of six years in prison.

Suwon District Court, Suwon High Court exterior view
[Photo by Yonhap News]

Mr. A worked as the accounting manager for two companies operated by victim Mr. B, a telecommunications parts wholesale and retail company and an electronic parts import-export company located in Seongnam-si, Gyeonggi Province. He is accused of embezzling funds by transferring money held in the companies’ corporate accounts to accounts in his own or his mother’s name. He was prosecuted for embezzling approximately 1.17 billion won in total over 571 transactions from February 2014 to August 2022, spanning more than eight years.

It is known that Mr. A was already in poor credit standing when he joined the company. While managing the corporate accounts and handling fund disbursement duties, he began embezzling company money shortly after his employment started. The embezzled funds were used to repay his debts and credit card loans, cover expenses for overseas travel and dermatology treatments, which are considered luxury expenditures, and for personal living expenses. To conceal his embezzlement, he committed the crime by not reflecting the stolen amounts in the accounting program and instead recording a higher balance than the actual amount, then obtaining approval based on the falsified balance.

The court stated, “The defendant worked as an accountant for the victim companies and embezzled approximately 1.174 billion won of company funds over about eight years and six months, using most of the funds for a lavish lifestyle. Considering the method and content of the crime, including manipulating the books to conceal criminal proceeds, the nature of the crime is severe.” The court added, “No significant changes in circumstances have been found since the original sentence was handed down,” explaining the reason for dismissing the appeal. Regarding sentencing, the court explained, “The original sentence was imposed within a reasonable range of discretion and is not considered excessively harsh or unfair.”